The UK economy grew by 3.2% in the second quarter compared with the same period last year, slightly higher than the original 3.1% estimate.
But the Office for National Statistics’ second estimate of growth in the April-to-June period left the quarter-on-quarter figure unchanged at 0.8%.
The construction sector performed better than previously assumed.
The figures confirm the UK economy saw its best economic performance for six years and has passed its 2008 peak.
The services sector – which accounts for around 78% of UK economic activity – grew 1% in the second quarter, the ONS added.
In June alone the services sector expanded by 0.3%. compared with May. The annual growth rate in the sector, 3.6%, was also its best performance in just over six years.
The ONS preliminary estimate is based on about 40% of UK economic activity. The second estimate gives a more complete picture of economic growth.
via BBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.